Fintech Alliance Collaborates With Philippine Statistics Authority to Roll Out PhilSys IDby Fintech News Philippines October 12, 2020
The National ID system or the Philippine Identification System ID (PhilSys ID) has launched virtually on October 9, 2020.
FintechAlliance.ph is a financial inclusion partner of PhilSys ID. The organisation is a coalition of strategic players in the digital finance space operating in the Philippines.
PhilSys ID was created under the Republic Act 1105 known as Philippine Identification System Act signed into law by President Rodrigo Roa Duterte on August 6, 2018. The Philippine Statistics Authority was designated as the main implementing agency.
The programme aims to prioritise the registration of about five million low-income householders by the end of 2020.
Once registered, they will have access to numerous benefits; more efficient distribution of government aid, easier and faster access to government services, easier transactions and applications to anything requiring a government-issued proof of identity as well as access to financial services such as opening bank accounts.
PhilSys ID registrations will start on October 12 until December 30, 2020.
“We welcome this big leap of creating a national ID system that would ease the life of Filipinos. We in the financial sector, commit to provide an easier access for Filipinos to financial services using the Philsys,”
said Lito Villanueva, Fintech Alliance Chairman and RCBC Executive Vice President and Chief Innovation and Inclusion Officer.
“Philsys will make transacting both in the government and private sectors a lot simpler for our fellow Filipinos and more importantly it will strengthen financial inclusions even to low-income groups”,
said Undersecretary Dennis Mapa Ph.D., Head of the Philippine Statistics Authority.
The unbanked sector of the country’s general population today is still at 77% (52 million) where they have used alternative financial services through the years.
The launch of this National ID system, is very timely especially during the pandemic. Low income families will have access to basic banking services ensuring the accuracy, transparency, and efficiency of aid delivery and facilitating access to more job opportunities among others.
Featured image: Edited from Unsplash, Proposed National ID -Photo courtesy of Philippine Statistics Authority